lec ch5 - The Realm of Macroeconomics Microeconomics...

Info iconThis preview shows pages 1–11. Sign up to view the full content.

View Full Document Right Arrow Icon
The Realm of Macroeconomics
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Microeconomics Macroeconomics
Background image of page 2
Consumer Buys Goods and Services Given Prices and Income Worker Supplies Labor Given Wage Rates and Prices Employer Hires Labor Given Prices and Wage Rates Producer Produces Goods and Services Given Prices and Costs Major Economic Decision Makers H o u s e h o l d F i r m
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Other Decision Makers Investors Lenders Borrowers
Background image of page 4
Three Major Macroeconomic Variables Aggregate Level of Output (GDP) General Price Level (GDP Deflator or CPI) Employment
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Three Macroeconomic Markets Goods and Services Markets Households Demand Firms Supply Factor Markets Households Supply (labor) Firms Demand Financial Markets Deficit Spending Units Demand Surplus Spending Units Supply
Background image of page 6
Financial Markets Surplus Spending Units (Savers/Lenders) Direct Finance Deficit Spending Units (Borrowers/Investors) Financial Institutions Indirect Finance
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Three Major Macroeconomic Issues Growth and Cycles Inflation Unemployment
Background image of page 8
Growth and Cycles Growth is a Long-Run Concept
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
G D P Year Peak Trough Recession Expansion One Cycle One Cycle Growth and Cycles
Background image of page 10
Image of page 11
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/20/2010 for the course ECN ecn 001b taught by Professor B.modjtahedi during the Winter '09 term at UC Davis.

Page1 / 22

lec ch5 - The Realm of Macroeconomics Microeconomics...

This preview shows document pages 1 - 11. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online